Cons

Trading Point of Financial Instruments Ltd is established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC), Trading Point of Financial Instruments Pty Ltd is established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC) and Trading Point of Financial Instruments UK Ltd is established in 2016 and it is regulated by the Financial Conduct Authority (FCA).

They are highly regarded for offering a range of MT4/MT5 platforms across various workstations but is this the only advantage that they have?

Registration 10/10

XM supports traders from most countries and there are only a few exceptions such as the USA and Canada.

Here’s a tip:

If you’re unsure if they will accept clients from your country, you just need to visit their registration page, click on the Country of Residence dropdown list and see if your country is available.

The minor downside is:

You won’t be able to sign-up using your social media accounts but as we said, this is a minor issue.

So how to sign-up with XM Group?

Via the online registration form, you need to supply them the following information:

First and last name

Country of residence

Preferred language

Phone number

Email address

Preferred trading platform type

Preferred account type

After submitting these details, you will be taken to the second and last part of the registration where you will need to fill-in your date of birth and complete address. You’ll also need to accomplish your trading account details, investor information, investor profile and knowledge & experience.

A word of caution:

The sections Investor Profile and Knowledge & Experience will determine whether you can open a trading account with them so be sure to answer them correctly and accurately.

Want to register now with XM? You can click on the button below and we’ll take you straight to the sign-up page:

Account Types 8/10

XM Group offers several account types and you’ll have the flexibility to choose the most appropriate one that is suitable for your trading needs and goals.

As of this writing, the following accounts are offered by XM Global:

Micro

Standard

Ultra Low

Shares

Each account type has a suite of features and perks such as base currency options, contact size, leverage, commission, maximum open/pending orders, minimum lot size, lot restriction per ticket, bonuses and others.

Take note:

The availability and types of accounts vary and will be dependent on the country from which you are based in. For example, in Australia, they offer Micro, Standard and Ultra Low. If you’re in Cyprus, your account options are Micro, Standard and XM Zero.

Demo Account 10/10

Opening an account with XM Group will give you access to their free demo account that will allow you to make practice trades with live market conditions.

And here’s the good news:

The $100,000 virtual funds won’t have an expiry so you’ll have the liberty to use it at your own pace and as long as you want.

If in case that you’ve already used up these virtual funds, you just need to open another demo account but you can only do this for 5 times.

If you’re a beginner then we strongly recommend that you take advantage of this free feature in order to learn the platform, maximize its usage, explore other features and even try out all possible strategies so you can discover which one works best for you and prepare yourself for live market trading.

Payment Methods 10/10

XM Group’s supported payment methods is quite extensive and adds more flexibility on adding funds into the account.

They accept the most commonly used local payment methods today including:

Credit/Debit cards

Online bank transfer

Neteller

Skrill (MoneyBookers)

WebMoney

SticPay

And currency is accepted since it will be converted automaticaly into your account’s base currency based on the prevailing inter-bank price.

The cool thing is:

XM Group won’t charge you with transaction fees for both deposits and withdrawals. Deposits less than $200 for international bank wire transfer however are not covered.

Minimum Deposit 10/10

Opening a Standard or Micro account starts with just a minimum deposit of $5 which is extremely lower than the requirements of other forex brokers.

For the Ultra Low and Shares accounts, the minimum deposit requirements are $50 and $10,000, respectively.

Such affordability is an opportune way for those who want to start with a low trading capital and also for starters since there’s no need to deposit a very large amount and it effectively allows proper fund management.

Platforms 8.8/10

XM has an extensive range of MetraTrader 4 and 5 platforms that can be accessed using just one account:

MT4 for PC

MT4 for Mac

MT4 Multiterminal

MT4 WebTrader

MT5 for PC

MT5 for Mac

MT5 WebTrader

MT4 for iPhone

MT4 for Android

MT5 for iPhone

MT5 for Android

MT4 for iPad

MT4 for Android

MT5 for iPad

MT5 for Android

For desktops, it can be installed and run on both Windows and Mac operating systems while in the mobile platform, they have dedicated apps for smartphones and tablets that are running Apple or Android operating systems.

They also have WebTrader platforms that can be accessed with any web browser.

Practically speaking, they have every solution for almost any kind device or computer.

Design 10/10

XM definitely found a way to make their interface very inviting and this can be credited to their organized but simple layout.

Regardless if you use the desktop, mobile or the web-based platform, you can easily log-in and trade without any delays or long waiting time.

XM MT4 WebTrader platform

Tradable Assets 8.8/10

This broker has more than 300 instruments which can be traded on the platform. This mixture of available assets opens a lot of chances to find an opportunity to earn and make profits.

Choices are aplenty for stocks trading via XM Group as their platforms will give you acces to various shares of popular companies in the US, Australia and EU (Austria, Belgium, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Portugal, Russia, Spain, Sweden, Switzerland and UK).

Cryptocurrencies

This new asset class is also available on XM Group’s platforms. You can trade on digital coins including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.

Don’t forget:

Trading cryptocurrencies via CFDs is not the same as buying/selling cryptocurrencies from an exchange.

Minimum Lot Size 10/10

We can’t emphasize enough:

The size of your lot will directly influence your risk management and the smaller the lot, the better you can control your risk.

Most retail brokerages allow their clients to trade with micro lots which means a Buy or Sell order will be placed for 1,000 units.

The fact of the matter is…

Micro lots are the smallest tradable lot size that are usually allowed by most brokers and the good news is that this brokerage offers the same size for specific account types.

For the Standard account, it’s 100,000 units while for the Ultra Low, the Standard Ultra account’s minimum accepted size is 100,000 and 1,000 for the Micro Ultra.

Spreads 9.9/10

With XM’s tight spreads the prices don’t need to move as much in order to make a profit.

The spread for the EUR/USD currency pair is 1.8 pips which is already considered to be better than what most brokers can provide.

Quotes Accuracy 9.5/10

It is always important to trade with a forex broker that has accurate market prices because this is where your decision will be largely based on.

And as it turns out…

The several tests that we’ve done with their platform showed no signs of delays or manipulation with their quotes and the same price is shown for both pre and post deals.

Withdrawal Time 10/10

All withdrawal requests are processed within 24 hours if the funds are transferred to XM Cards or any of the supported e-wallet methods.

Credit/debit card and bank wires on the other hand can take 2 to 5 business days.

Based on the several withdrawal tests that we made, they were able to fulfill these requests and we were able to get the money back just as they promised.

Customer Support 8.7/10

XM Group can be reached via phone, fax, email or live chat.

That means you have the option to contact them in almost every channel possible and saving you a lot of time and effort.

Based on our actual conversation with their support agent, we find them to be very direct in providing answers to any of our questions and we never experienced any sort of marketing schemes that other agents from other forex brokers usually do.

Overall, our discussions with them ended with positive results.

XM customer support

Credibility 8.9/10

Regardless of the fact that XM Group is a regulated online broker, they are very popular in the forex trading community most of the reviews and comments praise them for having multiple online trading platforms and very flexible trading conditions.

This is based on the verified and professional user comments and reviews that we’ve collected from several trusted review sites, forums, trading sites and social media.

The initial suggestion was good but they fail to mentioned that you will be using the same webtrader for the real money account, and that means that the experience you got from demo is so close to having the real one.

ABOUT OUR SITE

Our team of financial experts have years of experience in the foreign exchange markets and can guide you into focusing on the more important factors to look at in selecting a forex broker to sign-up for.

And we don’t just look at the numbers here. We go beyond the quantities or amounts to make a real and measurable review that is based not just on the pros but also on the cons.